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South Pasadena Real Estate Market Housing Report for May 2008 – July 2008

There are no surprises in the real estate market statistics in South Pasadena. Over the last three months, South Pasadena real estate activity has been pretty stable with an increase in pending sales in July. We always see an upswing in summer sales due to moves in and out of the area with kids being out of school.

New listings remain pretty constant with approximately 10 new homes coming on the market each month. There were less listings that expired indicating more price reductions and accepted offers.

New listings for South Pasadena condos and townhomes doubled between May 08 and June 08, but closed sales are still pretty low leading to a 45.5 week absorption rate. An absorption rate is a good indication of activity and inventory. It simply means that it will take a bit over 45 weeks to sell all available South Pasadena condos if sales continue at the current levels. Of course, next month’s absorption rate will be much lower given that the number of South Pasadena condos/townhomes with accepted offers more than doubled to 5 in July again mainly due to summer activity.

South Pasadena market has a high number of real estate inventory compared to real estate sales making it a perfect opportunity for buyers.

Single Family Residence

May-08

Jun-08

Jul-08

New Listings

11

10

11

Total Listings

34

38

24

Sales Pending

8

9

14

Homes Sold

4

14

8

Listings Expired

27

6

4

Average Days on the Market

85

93

39

Average Price Per Sq. Ft.

$532

$607

Average Selling Price

$883,750

$1,579,714

$1,525,000

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

N/A

41.2

7.4

Condos and Townhomes

May-08

Jun-08

Jul-08

New Listings

4

8

10

Total Listings

14

19

21

Sales Pending

3

2

5

Homes Sold

3

2

1

Listings Expired

14

1

9

Average Days on the Market

52

95

147

Average Price Per Sq. Ft.

$402

$331

Average Selling Price

$479,167

$635,944

$418,000

Absorption Rate (# of weeks to sell current inventory at present rate of sales)